Novartis Will Acquire Cancer Drug Developer MorphoSys for $2.9 Billion

Novartis AG agreed to buy MorphoSys AG for €2.7 billion ($2.9 billion) as the Swiss pharma company starts following through on plans to use bolt-on acquisitions to beef up its pipeline.

The Swiss drugmaker will pay €68 a share in cash for the German biotech maker of cancer treatments, which is 61% above the Feb. 2 closing price.

The swoop on MorphoSys, which has had some recent drug setbacks, is the latest move by Novartis Chief Executive Officer Vas Narasimhan, who has a spotty record with M&A and needs to show investors he can drive growth after a substantial restructuring of the business.

Read the source article at Yahoo Finance